Given that the trend for used clothing is still popular, Vinted has turned a profit for the first time.
According to its CEO, the company was “at the forefront of a market with huge potential”.
In recent years, online marketplaces that let users sell their “pre-loved” goods directly to other users have become increasingly popular.
But Vinted, which has quickly grown throughout Europe, is the first company to break even, having turned a €17.8 million profit in 2022 from a €20.4 million (£17.4 million) loss.
Vinted’s CEO, Thomas Plantenga, stated that although second-hand clothing still made up a “tiny” fraction of the market, the company was in a solid position.
In addition to entering new areas including Denmark, Finland, and Romania, Vinted has expedited the advancement of its distribution system.
